Originally Posted by
pr00ne
racedo,
"Response is correct without any further information.
A company going into Administration in UK ceases to trade immediately. The law is however different in pretty much all other countries..."
There is a difference between going into Administration and going into Liquidation.
My understanding is that TC has gone into liquidation.
Ultimately depends on the financial situation of the company. PLC may have gone into liquidation but subsidary company may have gone into administration while another subsidary company will continue to trade. There is no hard and fast rule on this as every single case will be different, which is why specialists charge the earth for doing it.
UK law does not apply in Germany or elsewhere which is why some TC owned companys there may continue trading but they will have no parent intercompany guarantees to rely on which is when a bank will get nervous.
Overall duty of Liquidator / Administrator is to get maximum for the companys assets to satisfy the secured creditors, the unsecured creditors (airports, handling companys, fuel suppliers, etc etc) are unsecured and will be lucky to get 1p in the pound in debt repayments.
In many cases the unsecured suppliers will end up following the path of their Debtor as few companies will be able to withstand the cash loss of not getting paid. Hence if working for one of TC suppliers best to start looking now rather than in a week.